Business Policy, as defined by Christensen & others ,is the study of the functions & responsibilities of senior management, the crucial problems that affects the success of the total enterprise, &the decisions that determine the direction of the organization & shape its future.
Business Policy tends to emphasize on the rational analytical aspects of Strategic Management. It presents a framework for understanding strategic decision making in organizations. Such a framework enables a manager to make preparations for handling general management responsibilities effectively.
According to William F Glueck, evolution of business Policy arose from developments in the use of planning techniques by managers .Managers tried to anticipate the future by preparation of budgets & using control systems like management by objectives & capital budgeting .Soon long range planning came to be used.Long range planning was replaced by strategic planning & later by "Strategic Management " ,a term used to describe the process of strategy formulation, implementation and control.
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